Warren: Bank Self-Regulation “Wrong And Dangerous” (VIDEO)

JPMorgan Chase’s admission last week that it lost more than $2 billion in one set of trades should be used as a wake up call to end the practice of banks regulating themselves, Massachusetts Senate candidate Elizabeth Warren said on Monday.

“We have to say as a country, no, the banks can not regulate themselves,” Warren said in an interview with “CBS This Morning,” adding “what has happened here is not just about JPMorgan Chase.”

“They are financial institutions that run the risk of taking down everyone’s job, run the risk of taking down everyone’s pension, run the risk of taking down the entire economy and that means it is appropriate to have some government oversight,” she said.